Demonstrate your experience in maintaining accounting principles, practices and procedures to ensure accurate and timely financial statements and reporting. Discuss your ability to meet tight deadlines and undertake a multitude of accounting activities. Show your understanding of generally accepted and statutory accounting principles.
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“Senior Accountant Frequently Asked Questions in various Senior Accountant job interviews by interviewer. The set of questions are here to ensures that you offer a perfect answer posed to you. So get preparation for your new job interview”
77 Senior Accountant Questions And Answers
With accounting job interview questions like this first list the applications you have used and then expand on the value of the solutions they offered to your particular business. Look at aspects such as managing vendor information, approval controls and providing payables reports.
List the information, make sure you cover everything and highlight your attention to detail. Include a sample of a bill for service that you created in your interview portfolio.
Before your interview think through everything you have done in the last five years and try to find at least one example which fits each of these situations.
Don’t worry if your examples are not earth-shattering, as long as they give some evidence for possessing the quality in question.
You can answer these questions by first describing the SITUATION and/or TASK you had to achieve, then the ACTION you took in the situation and finally the RESULT or outcome. Some interviews consist almost entirely of these types of questions, in which case the order of the interview is set in advance with a standard list of questions. Even more so than usual answer questions honestly – honesty is essential in the job!
The obvious answer would be careers in banking and insurance and other finance areas, but it is OK to mention any career here as long as you can argue your case effectively e.g. by demonstrating that the skills required are similar to those of an accountant.
Interviewers will be looking for evidence that you have analyzed your skills and interests in a logical manner when coming to a career decision, and also for signs of your commitment to accountancy.
However, in an interview you do not HAVE to tell the truth, the whole truth and nothing but the truth. If you admit to also applying for highly-competitive areas such as journalism or the Diplomatic Service, the interviewer is likely to assume that accountancy is your second choice. Similarly, you might find the interviewer challenging your interest in business if you said that social work or nursing was also an option.
Chartered Accountancy firms put a lot of weight on A-level grades as these have been found to be the best predictors of success in professional examinations.
If your A levels were not outstanding, this may sometimes depend more on the quality of the school you attended than your ability. In some inner-city schools it may be that a mediocre A-level performance that you achieved might have been the best in your school – if this is so, then make it clear. An average performance at a weak school academically may be the equivalent of a much better performance at some prestigious establishments.
Similarly, if there were any other external factors, such as illness, that may have affected your grades, tell the interviewers – but don’t sound as though you are making excuses.
A sample answer to accounting interview questions like this is:
In response to the changing market accountancy professionals have to provide more management and consulting services, in addition to financial management. They have to assume a greater advisory role and develop more complex and flexible accounting systems.
Then continue to explain how you can meet this challenge.
Executive Accounting is designed for service type businesses that require a sophisticated accounting system, yet simple to use accounting system. Executive Accounting contains many advanced features such as three styles of invoicing (service, distribution and recurrent), multi-currency capabilities, multiple bank account capabilities and other powerful features. Executive is a single-user system that can be upgraded to an unlimited number of users.
Accounting Management (Business) is the practical application of management techniques to control and report on the financial health of the organization. This involves the analysis, planning, implementation, and control of programs designed to provide financial data reporting for managerial decision-making. This includes the maintenance of bank accounts, developing financial statements, cash flow, and financial performance analysis. Accounting management is a mandatory knowledge module of any MBA program.
Accounting (IT) management: Accounting is often referred to as billing management. The goal is to gather usage statistics for users.
Using the statistics the users can be billed and usage quota can be enforced.
☛ Disk usage
☛ Link utilization
☛ CPU time
Accounting involves the creation of financial records of business transactions, flow of finance, the process of creating wealth in an organization, and summarizing the financial position of a business at a given moment in time.
Normative Theory is a theory that prescribes how a process of accounting should be done. This theory is not based on observation and may suggest radical changes to current practices in accounting
It is to describe costs of running a business, e.g. rent rates and salaries
Taxpayers like to use accounting
Accounting entities are for example a business do not get these mixed up with legal entities
Following are different branches of accounting:
1- Cost Accounting
2- Financial Accounting
3- Management Accounting
Real accounts, i.e. Balance Sheet accounts are ongoing perpetual records and represent “real” items; cash, receivables, inventories, accounts payable, invested capital, etc., etc. Accounts receivable and goodwill therefore are both real accounts as they have value in and of themselves.
Nominal accounts represent items of income and expense. Nominal accounts have no balances at the beginning of an accounting period and change as various debits and credits are applied because of activity of income and expense throughout the accounting period. At the end of the accounting cycle, the nominal accounts are returned to zero by debiting them by an amount equal to their credit balance if such exists, or crediting an account if it has a debit balance. The offsetting entry of each of these is to a Profit or Loss Account.
If after all accounts are zero, the P&L account has a debit balance then operations were profitable (income exceeded expenses), and conversely with a credit balance a loss was incurred. The P&L is then “closed” by either debited or crediting to bring it to zero, whichever is appropriate, with the offsetting entry going to “Retained Earnings”, a real account, and bringing the Balance Sheet into balance and leaving all nominal accounts at zero.
To put it another way if all debits and credits of the General Ledger are added up, then they will both be equal. However, if only the debits and credits of the nominal accounts are added up there will be a difference and that di
Accounting is the method in which financial information is gathered, processed, and summarized into financial statements and reports.
The purpose of accounting is to provide information used in decision-making. Accounting may be viewed as a system (a process) that converts data into useful information.
Information processes include:
Every business has numerous processes. Some are simple, others complex and cumbersome. However, as the business grows, acquires new customers, enters new markets, and keeps pace with constant changes in statutory regulations… the company will need to maintain highly accurate and up-to-date accounting, inventory, and statutory records.
This is where a computerized accounting helps simplify, integrate, and streamline all the business processes, cost-effectively and easily.
The Accounting Principles are the assertion rules of accounting and the application of these rules, method, & procedures to actual practice of accounting.
These Accounting principles have been divided into
A. accounting concepts
B. accounting conventions
External users of accounting information (especially investors) use accounting information like annual and quarterly reports to base their investing decisions on, and to compare different companies with one another.
Internal users of accounting (mostly managers) use internal accounting information in order to plan.